Weekly Wrap: 18th September - 25th September

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This week's "hot take" from the Rolling Stone is that NFTs are now officially "totally worthless"...

This is based on a study that looked at 73,257 collections and established 69,795 have a market cap of zero. That leaves 3,462 collections worth at least something by my calculations in a sector that barely existed a few years ago.

Not to mention, this is like saying that cryptocurrencies are dead because at least 40% have been deactivated and delisted from CoinGecko while ignoring that the fact that there are still over 10k actively traded and the top cryptocurrency currently has a market cap of over half a trillion USD.

While it can be more challenging to acquire accurate valuation metrics for NFT collections, the implied market cap of CryptoPunks alone currently sits at over 1 Billion USD and the top 20 collections are all worth over $50 Million USD. Again, not what I'd consider worthless, and if you do, feel free to send some of those worthless JPEGs my way.

Yes, there was a bubble. Yes, prices are down, but NFTs are certainly not out.

Onwards...

- @nuconomist

Crypto Market Cap: $1.08 Trillion Dollars 🔽 -3.53%

Bitcoin: $26,252 🔽 -1.08%

Ethereum: $1,580 🔽 -2.65%

Bitcoin Dominance: 47.70% 🔼 +1.06%

Ethereum Dominance: 17.64% 🔽 -0.95%

Other Crypto (excl. BTC & ETH): 34.66% 🔽 -0.94%

A New Trustless Way to Calculate the Bitcoin Price - Bitcoin Magazine

There is a new tool in town that attempts to establish the price of Bitcoin on-chain by analysing the correlation of transactions with round amounts as valued in USD. It is said to be accurate with values from $1000 to $100,000 over the past three year.

The State of Staking: 5 takeaways after Ethereum's merge - CoinDesk

This article highlights some key changes like a 99.9% drop in energy usage by the chain. It also discusses challenges such as MEV, centralisation and censorship risks.

Mt. Gox Trustee Extends Deadline for Creditor Repayments - Decrypt

This is the FUD that keeps on giving. It seems almost every few months there is a threat that thousands of old BTC could hit the market. However, once again, the deadline for distribution has been delayed. According to Decrypt, there are approximately 138,000 BTC held up in this claim worth about $3.7 Billion USD at time of publishing.

NFT Market Cap (ETH): Ξ 6.2 Million 🔽 | $9.85 Billion (-18.60%)

Weekly NFT Volume (ETH): 28,500 🔽 -22.28%

Weekly NFT Traders: 4,7620 🔼 -0.37%

Weekly NFT Loan Volume (USD): $68.8 Million (-3.87%)

Weekly NFT Deposited as Collateral: 3690 (+4.90%)

Nakamigos-CLOAKS: 2122 Sellers profited a combined 339 ETH 📈

Moonbirds: 109 Sellers lost a combined 611 ETH 😬

NASA plans to prove moon landings with blockchain - Coin Telegraph

While not financial, this is an interesting use case for crypto. Proof of attendance for the moon. They plan on deploying cubes to the moon which will act as cryptographic proofs when signed. It will be interesting to see how key generation is managed for this, because the ability to hold duplicate signing devices on earth would invalidate the entire premise.

Pokemon Card NFTs are being opened on-chain - NFT Now

This initial test on the Polygon network from Courtyard.io saw the cards sell out at $5 USD which could be opened 24 hours later. The cards were graded to ensure authenticity and most were in profit within 24 hours.

BAYC x BAPE Unveil streetwear collection - NFT Now

Bored Ape Yacht Club takes another step towards establishing itself the world of fashion, by partnering with BAPE for an upcoming collection. The full details were literally released as I wrote this section and you can read more here.

While the hype of memecoin season from earlier this year may have subsided, that doesn't mean they have disappeared for good. In this post, a memecoin trader shares their strategies.

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